Macro Summary
Total market volume reached a significant $341.8B for the session, representing 132% of the 30-day average. The trading day was defined by a pronounced flight to safety and defensive positioning, as evidenced by massive volume spikes in Commodity and Fixed Income ETFs. While broad equities saw a slight decline, specific pockets like Information Technology and Precious Metals saw intense interest and positive returns.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $202.2B | $174.1B | 116% |
| Fixed Income | $36.9B | $27.3B | 135% |
| Commodity | $53.3B | $19.0B | 280% |
| Digital Asset | $5.1B | $5.6B | 90% |
| Currency | $240.0M | $79.3M | 303% |
| Alternative | $909.1M | $838.5M | 108% |
| Non-Traditional | $43.0B | $32.3B | 133% |
| Multi-Asset | $325.3M | $200.1M | 163% |
Equity
The Equity asset class recorded $202.2B in volume (116% of ADV) as markets digested mixed regional performance. Significant activity was observed in Global Ex-U.S. Large Cap (186% activity) and Sustainability themes (236% activity). Quality factors led the way in large caps, with QUAL (+0.08%) seeing volume at 647% of its normal levels.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Sustainability | 236% | $370.8M | +1.09% |
| Equity: Global Ex-U.S. Large Cap – Blend | 186% | $12.2B | -0.65% |
| Equity: Region – Country Specific | 171% | $10.4B | -0.27% |
| Equity: Region – Eurozone | 140% | $832.1M | -1.12% |
| Equity: Sector – Energy | 134% | $3.5B | +0.32% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IQLT | iShares MSCI Intl Quality Factor ETF | 2659% | $1.7B | -0.84% |
| IXJ | iShares Global Healthcare ETF | 1277% | $281.4M | -1.38% |
| FDIS | Fidelity MSCI Consumer Discretionary Index ETF | 1163% | $104.2M | -0.71% |
| IDEV | iShares Core MSCI International Developed Markets ETF | 1241% | $1.9B | -0.66% |
| FTEC | Fidelity MSCI Information Technology Index ETF | 747% | $434.2M | +0.57% |
| QUAL | iShares MSCI USA Quality Factor ETF | 647% | $1.4B | +0.08% |
| REGL | ProShares S&P MidCap 400 Dividend Aristocrats ETF | 580% | $29.4M | +0.23% |
| MDYG | State Street SPDR S&P 400 Mid Cap Growth ETF | 579% | $45.9M | -0.04% |
| IGE | iShares North American Natural Resources ETF | 547% | $45.0M | +1.11% |
| URNJ | Sprott Junior Uranium Miners ETF | 538% | $67.3M | +10.53% |
Fixed Income
Fixed Income saw robust activity with $36.9B in volume (135% of ADV). Long Municipal bonds (807% activity) and Inflation Protected Treasuries (250% activity) were key focal points. Ticker activity was highlighted by JMBS (1980% activity) and SPTS (1353% activity).
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Municipal – Long | 807% | $296.3M | +0.09% |
| Fixed Income: Taxable – Emerging | 392% | $381.1M | -0.08% |
| Fixed Income: Taxable – Convertible | 355% | $420.6M | +0.75% |
| Fixed Income: Taxable – Inflation Protected | 250% | $1.6B | +0.03% |
| Fixed Income: Taxable – Government Short | 249% | $1.5B | -0.00% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| JMBS | Janus Henderson Mortgage-Backed Securities ETF | 1980% | $584.1M | +0.00% |
| SPTS | State Street SPDR Portfolio Short Term Treasury ETF | 1353% | $510.1M | +0.02% |
| SPTI | State Street SPDR Portfolio Intermediate Term Treasury ETF | 1305% | $527.2M | -0.02% |
| VTIP | Vanguard Short-Term Inflation-Protected Securities ETF | 959% | $1.1B | +0.08% |
| USHY | iShares Broad USD High Yield Corporate Bond ETF | 319% | $1.0B | -0.15% |
| VTEB | Vanguard Tax-Exempt Bond ETF | 188% | $533.6M | +0.01% |
| MUB | iShares National Muni Bond ETF | 175% | $658.3M | +0.07% |
| SPSB | State Street SPDR Portfolio Short Term Corporate Bond ETF | 172% | $96.4M | +0.02% |
| VGIT | Vanguard Intermediate-Term Treasury ETF | 169% | $402.9M | -0.05% |
| VCLT | Vanguard Long-Term Corporate Bond ETF | 161% | $521.2M | -0.20% |
Commodities
Commodities were the session’s standout performer, exploding with $53.3B in volume (280% of ADV). Precious Metals drove the narrative with an average return of +4.04%. Gold-focused funds like AAAU (717% activity) and IAUM (541% activity) saw exceptional turnover and returns near 4%.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Precious Metals | 287% | $52.0B | +4.04% |
| Commodity: Focused – Energy | 143% | $954.8M | +1.38% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| AAAU | Goldman Sachs Physical Gold ETF | 717% | $815.6M | +4.09% |
| OUNZ | VanEck Merk Gold ETF | 584% | $353.7M | +3.89% |
| IAUM | iShares Gold Trust Micro ETF | 541% | $937.7M | +3.95% |
| DJP | iPath Bloomberg Commodity Index ETN | 524% | $16.7M | +1.08% |
| UNG | United States Natural Gas Fund LP | 160% | $475.6M | -0.85% |
Digital Asset
Digital assets experienced a slightly muted session with $5.1B in volume (90% of ADV). Bitcoin remains the primary driver of volume within the class, though ARKB saw a 160% activity spike on the day.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ARKB | ARK 21Shares Bitcoin ETF | 160% | $181.0M | -0.40% |
Currencies
Currency ETFs saw volume triple their ADV, reaching $240.0M. The Japanese Yen (FXY) and Euro (FXE) saw high turnover, likely linked to the broader “risk-off” environment and safe-haven flows.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Currency | 303% | $240.0M | -0.08% |
High-Activity Ticker Outliers
No items met the inclusion criteria for this session.
Alternatives
Alternatives traded near their averages with $909.1M in volume. Long Volatility products saw the bulk of the interest within the class, although no individual tickers met the high-AUM inclusion threshold for outliers.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
No items met the inclusion criteria for this session.
Non-Traditional
Non-Traditional ETFs, which include leveraged and buffered strategies, saw $43.0B in volume (133% of ADV). Leveraged Commodity strategies (257% activity) were highly active, tracking the volatility in Gold and Natural Gas.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Commodity | 257% | $8.3B | +0.56% |
| Non-Traditional: Leverage | Inverse – Equity | 125% | $21.4B | -0.09% |
High-Activity Ticker Outliers
Multi-Asset
Multi-Asset funds traded $325.3M (163% of ADV). Target Risk – Growth strategies saw significant relative turnover (262% activity), led by strong volume in balanced core strategies.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CGBL | Capital Group Core Balanced ETF | 410% | $146.0M | +0.15% |
Disclaimer: This AI-assisted commentary is for informational purposes only. The “High-Volume Categories” table includes categories with over $100M in volume and activity at least 125% of their 30-day average, limited to the top 5 by activity percentage. The “High-Activity Ticker Outliers” table shows the top 10 ETFs from each asset class, sorted by the highest trading activity versus their 30-day average. All reported ETFs have AUM over $250M and an ADV greater than $2.5M.
Disclosures: This material is for informational purposes only and should not be considered investment advice. All investments, including ETFs, involve risk, including the possible loss of principal. Investors should consider their investment objectives, risks, charges, and expenses carefully before investing.
This analysis was developed by the team at ETF Action. We leverage advanced AI tools to assist in the drafting and refinement of our content, based on our expert prompts, direction, and final review.
